Cushman & Wakefield today announced that the real estate services firm has arranged a long term, 17,712-square-foot lease for global market research company, The NPD Group Inc., at Vanbarton Group’s 132 West 31st Street, known as 31 Penn Plaza.
ACushman & Wakefield team led bySenior Director Adam McCostlin, Executive Managing Director Chris Wood, Director David Mainthow,Senior Managing Director Jonathan Schindler and Managing Director Aron Schreier represented the tenant in the transaction.
“The NPD Group was looking to expand its Manhattan operations to better accommodate its shifting and growing client base and workforce,” said Adam McCostlin of Cushman & Wakefield. “These new facilities enable the company to enhance both its employee and client engagement as the space’s buildout and rooftop deck uniquely fit the NPD culture.”
The NPD Group will be occupying the entire penthouse on the 18th floor and a portion of the 17th floor. The building has recently undergone a $25 million capital improvement program which includes a newly renovated building entrance, lobby, and façade with additional upgrades to the elevators, roof, bathrooms, and common areas. The property, which totals 440,000 square feet, contains 23,000 – 27,000-square-foot floor plates.
The recently renovated 31 Penn Plaza is located on 31st Street and is steps away from New York’s Penn Station, Herald Square and Lincoln Tunnel. The building is also within close proximity to Grand Central Station and includes a multitude of retail shopping, dining and entertainment options in the neighborhood. The property is easily accessible via the MTA’s A, C, E, and 1, 2, 3 subway lines at Penn Station and Times Square.
Matt Astrachan, Mitch Konsker, and Adam Haber of Jones Lang LaSalle represented Vanbarton Group. “We are excited to be able to accommodate NPD’s expanding space needs into the newly built penthouse.” said Matt Astrachan. “We remain focused on opening our marketing center after Labor Day for the 104,000 rsf coming available in addition with two built spec suites to accommodate smaller users.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
